Uber has officially pulled the trigger on a new funding round — a massive $1.2 billion raise, at a $17 billion valuation led by Fidelity Ventures.
Back in August, Uber was valued at $3.5 billion. In early May, valuation rumors swelled to $10 billion. Uber previously confirmed a “record-breaking” funding round back in May, but only now are the terms of the deal publicly available.
In addition to Fidelity Ventures, Summit Partners, Kleiner Perkins Caufield & Byers, Google Ventures, and Menlo Ventures also participated, according to Bloomberg.
According to a statement from Uber chief Travis Kalanick [emphasis ours]:
We have some exciting news to share this morning. We have just closed a financing round with some of the leading investors in the world, raising $1.2B of primary capital at a $17B pre-money valuation. The total raise will be about $1.4B with a second close of strategic investors soon. We are thrilled to have top tier institutional investors, mutual funds, private equity and venture capital partners joining us.
Kalanick states that Uber currently operates in 128 cities across 37 countries. According to Kalanick, “Uber is changing the fabric of these cities,” and is responsible for “directly creating 20,000 new jobs per month.” Uber hit 100 cities back in April.
Uber faces an uphill battle against legislators and traditional taxi cab and limousine firms. Uber currently faces more than a dozen active lawsuits in the U.S., in addition to legal conflicts in Europe. The company’s rapid expansion has both exacerbated its legal struggles and asserted its potential as a global transportation startup.
Uber’s closest competitor, Lyft, has raised $333 million to date.